The premiums of the insurance companies resist the financial crisis since, according to latest figures of the Insurance Companies Association of Cyprus, they recorded an increase in both the general and the life sector.

In the life sector, the total gross premiums in the first quarter of 2011 recorded an annual increase of 4.88% to €124.4 million against €118.6 million in the corresponding period of 2010.

The high degree of concentration in the life sector has not changed, with the five largest companies of the sector holding a market share of 81.92% against 81.69% last year.

Cyprialife, subsidiary of Marfin Popular Bank and Eurolife, subsidiary of Bank of Cyprus, rank first and second respectively.

Cyprialife with premiums of €30.9 million pushed its market share up to 24.88% from 24.10%.

Eurolife with premiums of €28.7 million saw its market share declining to 23.06% from 23.74% in 2008.

Eurolife is followed by Universal Life with premiums of €23 million. Its market share dropped to 18.47% from 18.94%.

Metlife Alico and Hellenic Alico hold market shares of 8.40% and 7.11% respectively.

General sector

In the general sector, the production of premiums recorded an annual increase of 1.30%, one of the lowest in the past few years.

The car sector, which is the biggest in the general sector, shrunk 0.9%, while the fire insurance sector grew by 1.74%.

On the other hand, the sector of health grew by 3.64%.

With regard to the market shares of the whole general sector, Laiki Insurance ranks first with a market share of 14.4% and total premiums of €17 million followed by the General Insurance of Cyprus with a market share of 11.2% and total premiums of €13.2 million and Pangypriaki with a market share of 7.6% and premiums of €9 million.

The rest of the market shares are shared out among the smaller insurance companies.